the good news, page-11

10c with a quick run to 15-20c seems pretty optimistic. Currently the market is pricing in around zero (which I think is pessimistic to a similar extent). Very roughly I see the chance of a better offer being equally countered by the wait for the merger, and Talon being ignored.

Even ignoring Talon and the chance of a better offer, TXN (and SEA) looks like a great buy. TXN was getting undervalued for reasons which don't apply under SEA's management, SEA was a great company and together they're better than the sum of the two.

I've been topping up and might top up further if the price stays low and my sells on other shares go through.